View more on these topics

Royal London reviews Pru annuity referral deal

Royal London is reviewing its annuity referral deal with Prudential following this year’s Budget reforms.

Currently, Royal London earns commission where it refers retirees to the Pru for annuity purchases.

From April next year, savers will have access to a new range of pension freedoms and Royal London says it will review the tie-up as a result.

A Royal London spokesman says: “We are seriously looking at [the annuity referral deal] in light of the pension changes the Chancellor has brought in.”

This comes after the two providers came under fire for failing to highlight the option of an enhanced annuity to a Royal London customer who had informed them he was suffering from cancer.

Legal and General has referral agreements in place with Zurich, Axa and Skandia.

L&G head of strategy Tim Gosden says the provider is in talks with the firms about the arrangements following the Budget changes.

He says: “These are contractual agreements. We are in discussions with all of our partners about the changes that are going to occur and how our proposition can help to meet customer’s circumstances.”


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm